The Direction of Growth Has Shifted at Hyperliquid: What Changed as HYPE Token Hits a Record $88?

Hyperliquid’s total open interest has surged to $14.3 billion, while the HYPE price reached an all-time high of $88.

Hyperliquid’s total open interest rose to $14.3 billion on Sunday. According to data from The Block’s Data and Insights newsletter, this level remains only about 3% below the $14.7 billion level seen just before the sharp drop on October 10, 2025.

Open interest on Hyperliquid fell by approximately 56% in a single day on October 10, 2025, dropping from $14.7 billion to $6.5 billion. The first part of the subsequent recovery was driven by HIP-3, which enables the opening of different markets on the platform. HIP-3’s share of total open interest was at 18% in March, rose above 34% in August, and HIP-3’s open interest hit a record $4.44 billion.

The direction of growth at Hyperliquid has shifted

However, recently the center of gravity for growth has shifted from HIP-3 to core crypto futures. While Hyperliquid’s total open interest has increased by $3.57 billion over the last month, HIP-3 open interest declined by $119 million. HIP-3’s share of the total also dropped from 34% to 25% within a month.

HIP-3 accounted for approximately 30% of the total open interest growth on Hyperliquid over the last six months. This contribution fell to 15% in the last three-month period. Coinbase’s decision to start directing Base App users to Hyperliquid in mid-August, and U.S. President Donald Trump’s statement that the Commodity Futures Trading Commission is working to connect Hyperliquid to the U.S. in a regulatory compliant manner, were cited among the potential catalysts for growth.

This shift is significant for the HYPE economy. Developers creating markets on HIP-3 can receive up to half of the transaction fees they generate. In contrast, Hyperliquid’s core crypto futures direct approximately 97% of generated fees to HYPE buybacks. Therefore, the same amount of open interest growth in core crypto transactions can provide a higher fee contribution to HYPE compared to HIP-3.

The price of HYPE hit a record level of $88 at the time of writing. The token’s market capitalization reached approximately $20 billion, while the price has risen by more than 50% this month.